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Real Personal Spending Growth Weakest Since Feb, Savings Rate Rises

The good news, personal income rose a better than expected 0.4% MoM (flat to the previous month's revised lower growth). The 'meh' news, personal spending rose just 0.2% - meeting expectations - but slowing its growth dramatically from the 0.7% revised May data. And the bad news, real personal spending was unchanged in June, its weakest growth (or lack of it) since February.

 

 

This means the savings rate rose from 4.6% in May to 4.8% in June - its second lowest in 2015 (but increasing just as The Fed hopes for excape velocity consumption confirmed by their rate hikes in a circular logic fallacy).

 

Charts: Bloomberg